<p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5d3767faa13c95076951da76-2000/ap17208172998570.jpg" border="0" alt="xi trump mar a lago" data-mce-source="AP" data-mce-caption="In this Friday, April 7, 2017, file photo, U.S. President Donald Trump, left, gestures as he and Chinese President Xi Jinping walk together at Mar-a-Lago in Palm Beach, Fla." /></div></div></div></p><ul><li><strong>Stocks traded lower on Friday after <a href="https://www.bloomberg.com/news/articles/2019-09-27/white-house-weighs-limits-on-u-s-portfolio-flows-into-china-k12ahk4g?srnd=premium">Bloomberg reported</a> that the White House is mulling restrictions to US investment in China. </strong></li><li><strong>The White House is reportedly <a href="https://markets.businessinsider.com/news/stocks/us-china-trade-war-white-house-considering-investment-limits-2019-9-1028560244">considering multiple options</a>, including delisting Chinese companies from US stock exchanges and restricting Americans' vulnerability to Chinese firms through pension funds. </strong></li><li><strong><a href="https://markets.businessinsider.com/news/stocks/trump-trade-war-threatening-consumers-the-backbone-of-us-economy-2019-9-1028560163">Data released on Friday</a> from the University of Michigan's consumer sentiment surveyed showed US consumers became more concerned about the impact of tariffs and trade policy on the economy during September. </strong></li><li><strong><a href="https://www.businessinsider.com/" target="_blank" rel="noopener">Visit the Business Insider homepage for more stories</a>.</strong></li></ul><hr /><p>Stocks fell on Friday as a potential restriction on US investment in China threatened tense trade negotiations with China. </p><p>Bloomberg reported that the <a href="https://markets.businessinsider.com/news/stocks/us-china-trade-war-white-house-considering-investment-limits-2019-9-1028560244">White House is considering delisting Chinese companies from US stock exchanges</a> and reducing Americans' vulnerability to the Chinese market through pension funds. Trump administration officials are discussing the possibility of imposing limits on Chinese companies included in indexes managed by US firms. </p><p>The report comes as the US and China are scheduled to resume high-level trade negotiations on October 10. Investors have been paying close attentions to developments in the talks for any sign of an upcoming deal. </p><p><a href="https://markets.businessinsider.com/news/stocks/trump-trade-war-threatening-consumers-the-backbone-of-us-economy-2019-9-1028560163">The University of Michigan's consumer sentiment</a> survey for September showed consumers are becoming increasingly concerned about the negative impact of tariffs on the US economy. </p><p>Here's a look at the major indexes as of the 4 p.m. close on Friday: </p><ul><li>The <a href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">S&amp;P 500</a> fell 0.53%, to 2,961.79.</li><li>The <a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Dow Jones Industrial Average</a> declined 0.26%, to 26,820.25.</li><li>The <a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">Nasdaq Composite</a> slid 1.13%, to 7,939.63.</li></ul><p><a href="https://markets.businessinsider.com/news/stocks/micron-stock-price-q4-earnings-sales-decline-profit-forecast-cut-2019-9-1028559644">Shares of Micron slid as much as 10.8%</a> after the chipmaker forecasted lower profits and reported close to a $7 billion drop in yearly revenue. The company said the US-China trade war, rising inventory, and muted demand will hurt profits in the first quarter of 2020. </p><p><em><strong>Read more</strong>: <a href="https://www.businessinsider.com/tech-stocks-how-uber-lyft-become-profitable-glen-kacher-picks-2019-9?utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">A hedge fund manager who oversees $2 billion lays out the road to profitability for Uber and Lyft - and explains why they have a unique bull case compared to WeWork</a></em></p><p><a href="https://markets.businessinsider.com/news/stocks/wells-fargo-ceo-charles-scharf-named-stock-price-rallies-2019-9-1028559428">Wells Fargo stock rallied 3.8%</a> after the company announced Charles Scharf will become the banks new CEO after six months of uncertainty around the position. Scharf is currently the CEO of Bank of New York Mellon, and plans to start on October 21. </p><p>Within the S&amp;P 500, these were the largest gainers:</p><ul><li><strong><a href="https://markets.businessinsider.com/stocks/wfc-stock">Wells Fargo</a>: </strong>3.8%</li><li><strong><a href="https://markets.businessinsider.com/stocks/emr-stock">Emerson Electric</a>: </strong>3.4%</li><li><strong><a href="https://markets.businessinsider.com/stocks/ulta-stock">Ulta Beauty</a>: </strong>3.4%</li></ul><p>And the largest decliners:</p><ul><li><strong><a href="https://markets.businessinsider.com/stocks/mu-stock">Micron Technology</a>: </strong>-11.1%</li><li><strong><a href="https://markets.businessinsider.com/stocks/lrcx-stock">Lam Research</a>: </strong>-5.3%</li><li><strong><a href="https://markets.businessinsider.com/stocks/amat-stock">Applied Materials</a>: </strong>-5.2%</li></ul>

Stocks tumble as US-China tensions escalate

<img src="https://static-ssl.businessinsider.com/image/5e62b9f1fee23d08e6745912-2000/gettyimages-1210786004.jpg" alt="Donald Trump" /><ul><li><strong>President Donald Trump plans to meet with leaders of the nation's largest banks Wednesday afternoon.</strong></li><li><strong>The coronavirus outbreak has increasingly raised alarm among businesses and investors, sending financial markets reeling. </strong></li><li><strong>Trump has repeatedly pointed to the stock market as a gauge of his economic stewardship.</strong></li><li><strong><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</strong></li></ul><hr /><p>President Donald Trump plans to meet with leaders of the nation's largest banks Wednesday afternoon, as the coronavirus outbreak increasingly raises alarm among businesses and investors. </p><p>Executives at the biggest banks - including Brian Moynihan of Bank of America, Charles Scharf of Wells Fargo, David Solomon of Goldman Sachs, Gordon Smith of JPMorgan Chase, and Michael Corbat of Citigroup - are expected to attend. </p><p>The Wall Street banks declined to comment on the agenda for the meeting, which the White House did not offer details on.</p><p>The rapid spread of the respiratory illness COVID-19 has battered financial markets in recent weeks, with Wall Street suffering some of its steepest losses in more than a decade. Efforts to contain it have dragged on economic activity around the globe, sparking fears of a potential downturn. </p><p>The Trump administration has downplayed the human and economic risks of the outbreak ahead of the November election, insisting that growth fundamentals remained solid. White House economic adviser Larry Kudlow has even gone on television several times to present recent stock market turmoil as an opportunity. </p><p>"Long-term investors should think seriously about buying these dips," Kudlow <a href="https://www.cnbc.com/2020/03/06/kudlow-long-term-investors-should-think-about-buying-these-dips.html">said</a> Friday on CNBC. </p><p>Trump, who tends to poll better on jobs and growth than on his performance in office, has often pointed to the stock market as a gauge of his economic stewardship.</p><p class="tagline"><a href="https://store.businessinsider.com/products/banking-pro?itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=banking&amp;itm_campaign=banking-2"><img src="https://static.businessinsider.com/image/5dcb17d93afd371433387969" alt="BI Banking" style="width:100%" /></a><br /><br />Read the latest <a href="/banking">banking news</a> and featured articles:<br />- <a href="/banking-industry-trends">Banking Industry Trends</a><br />- <a href="/future-of-banking-technology">Future of Banking Technology</a><br />- <a href="/mobile-banking-market-trends">Mobile Banking Market</a><br />- <a href="/banking-as-a-service-industry">Banking as a Service Explained</a><br />- <a href="/digital-banking">Digital Banking</a><br />- <a href="/open-banking-api-trends-explained">Open Banking &amp; Bank APIs</a><br />- <a href="/alternative-lending-nonbank-industry">Alternative Lending &amp; Nonbanks</a><br />- <a href="/evolution-of-the-us-neobank-market">US Neobank Market</a></p>

Trump is set to meet with Wall Street bankers as coronavirus hits financial markets

<ul class="summary-list"><li>The US <keyword id="611602" type="PERSON" weightage="60" keywordseo="federal-budget">federal budget</keyword> deficit soared to a record $3.1 trillion in the fiscal year that ended in September, according to Treasury Department <a href="https://fiscal.treasury.gov/files/reports-statements/mts/mts0920.pdf">data</a> published Friday.</li><li>The monthly budget report reflects the historic fiscal spending used to pad the US against the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic, as well as the weakened tax income from Americans struggling through the pandemic.</li><li>Outlays climbed to $6.6 trillion, led mainly by the $2.2 trillion CARES Act passed in March.</li><li>The deficit surpasses the White House's February forecast by more than $2 trillion. It's also roughly three times the deficit seen in fiscal 2019.</li></ul><p>The US federal budget deficit spiked to a record $3.1 trillion in the fiscal year that ended in September, according to <a href="https://fiscal.treasury.gov/files/reports-statements/mts/mts0920.pdf">data</a> released Friday by the Treasury Department.</p><p>The monthly budget statement caps a year rife with economic catastrophe and unprecedented relief measures. The coronavirus pandemic first slammed businesses, corporations, and households in February and continues to wreak havoc on US economic growth as case counts swing higher.</p><p>The fallout prompted Congress to allocate several trillion dollars for fiscal support, including the $2.2 trillion CARES Act passed in March. In all, government outlays leaped to $6.6 trillion in 2020 from the $4.4 trillion total seen last year.</p><p>Receipts reached $3.4 trillion, reflecting a drop in tax income from the year-ago period as Americans struggled through the once-in-a-century pandemic. </p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/5-top-emerging-market-stock-picks-outperforming-cio-emqq-etf-2020-10">The founder of an ETF trouncing 99% of competitors explains how industry pioneer Burton Malkiel taught him how to invest in emerging markets — and shares 5 stock picks he loves right now</a></em></p><p>"As the country continues to open up and this Administration pursues its pro-growth agenda, our <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> will continue its robust recovery, sending Americans back to work and improving our fiscal picture," Russ Vought, the director of the White House Office of Management and Budget, said in a <a href="https://home.treasury.gov/news/press-releases/sm1155">statement</a>.</p><p>Treasury Secretary Steven Mnuchin added that the CARES Act and other stimulus measures paved the way for "a strong economic recovery."</p><p>The yearly total surpasses the White House's February forecast by more than $2 trillion. It's also roughly three times the deficit seen in fiscal 2019.</p><p>To be sure, the ballooning US debt pile will be relatively easy for the government to pay off in the coming years. The Federal Reserve has indicated it will hold interest rates near zero through at least 2023, ensuring low borrowing costs for the government.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/long-term-stock-picks-recommendations-investing-strategy-parnassus-lori-keith-2020-10">Lori Keith's mutual fund has grown 98,000% in 12 years by focusing on unflashy companies. She told us about 7 such stocks that thrived in the recession — and will likely do even better in the recovery.</a></em></p><p>Still, the sum stands to climb as legislators deliberate over a new stimulus package. Democrats and the White House inch closer to compromising on a bill set to cost between $1.8 trillion and $2.2 trillion. Senate Republicans, on the other hand, object to the hefty price tag and hope to pass a $500 billion measure. Senate Majority Leader Mitch McConnell indicated Thursday <a href="https://www.businessinsider.com/mcconnell-stimulus-package-coronavirus-relief-compromise-white-house-democrats-2020-10">he wouldn't even bring a larger deal to a vote</a>.</p><p>Lawmakers have plodded forward in stimulus talks for weeks with little to show for progress. At the same time, economists on Wall Street and elsewhere in the federal government emphasized the importance of new aid as the pace of recovery slows. Fed Chairman Jerome Powell repeatedly praised the CARES Act for its role in sparking a recovery and urged Congress to approve more stimulus.</p><p>Corporate leaders joined the calls over the past week, with several CEOs and other executives calling for new stimulus.</p><p>"The consumer has been extraordinarily strong through this crisis, and it's not luck, and it's not because they weren't affected. It's because of the CARES Act, specifically the unemployment assistance," Wells Fargo CEO Charles Scharf said.</p><p>The bank is seeing signs of Americans' cash balances "starting to go away" after stimulus programs expired, he added.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/stock-picks-to-buy-jim-osman-investing-expert-3-winners-2020-10">200-plus money managers pay thousands to see which stocks are on Jim Osman's buy list. He details 2 he sees doubling and says one has at least 50% left to soar.</a></em></p>

The US federal deficit surges to record $3.1 trillion for 2020 amid unprecedented stimulus spending

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/593b1da7bf76bb25008b4e61-1024/gettyimages-622170392.jpg" border="0" alt="Lloyd Blankfein" data-mce-source="Bryan Bedder/Getty Images for The New York Times" data-mce-caption="Goldman Sachs Group chairman and CEO Lloyd Blankfein." /><p class="source"><span>Bryan Bedder/Getty Images for The New York Times</span></p><p class="caption">Goldman Sachs Group chairman and CEO Lloyd Blankfein.</p></div><p></p></div></div></p><ul><li><strong>Former Goldman Sachs CEO Lloyd Blankfein was happy to be watching from the sidelines this week as CEOs from seven of the country's largest banks appeared before Congress.</strong></li><li><strong>"Boy, I really miss my old job!!!" <a href="https://twitter.com/lloydblankfein/status/1115988610501750785">Blankfein tweeted</a>.</strong></li><li><strong>Watch <a href="https://markets.businessinsider.com/stocks/gs-stock">Goldman Sachs</a> trade live.</strong></li></ul><hr /><p>Former Goldman Sachs CEO Lloyd Blankfein was happy to be watching from the sidelines this week as members of Congress grilled CEOs of the country's largest banks.</p><p><span>"Boy, I really miss my old job!!!" Blankfein <a href="https://twitter.com/lloydblankfein/status/1115988610501750785">tweeted</a> as the hearings were underway. </span></p><p><span>Blankfein's quip came as the leaders of seven of the largest US banks were hauled in front of Congress for nearly seven hours to give testimony on a wide variety of issues. Participating in the hearings were the following CEOs:</span></p><ul><li><span>Goldman Sachs CEO David Solomon</span></li><li><span>Citigroup CEO Michael Corbat</span></li><li><span>JPMorgan CEO Jamie Dimon</span></li><li><span>Morgan Stanley CEO James Gorman</span></li><li><span>Bank of America CEO Brian Moynihan</span></li><li><span>State Street CEO Ronald O'</span><span>Hanley</span></li><li><span>Bank of New York Mellon CEO Charles Scharf<br /></span></li></ul><p><span>Wells Fargo did not send a representative to the hearings, given the <a href="https://markets.businessinsider.com/news/stocks/wells-fargo-ceo-tim-sloan-is-getting-ready-to-be-grilled-by-congress-2019-3-1028022156">grilling of CEO Tim Sloan in March</a>. A slew of scandals over the past several years had occurred while he was in senior management positions. <a href="https://www.businessinsider.com/wells-fargo-ceo-tim-sloan-to-retire-2019-3">Sloan departed from the bank at the end of the month</a>. </span></p><p><span>Long-time shareholder Warren Buffett commented that the <a href="https://markets.businessinsider.com/news/stocks/warren-buffett-wells-fargo-ceo-not-wall-street-2019-4-1028092777">next Wells CEO should not come from Wall Street</a> so as to avoid the ire of Congress. </span></p><p><span>The hearings were called by House Financial Services Committee Chair Maxine Waters, a Democrat, who declared that banks were "overflowing with profits." </span><span></span></p>      <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/shaq-financial-advice-for-nba-players-money-personal-finance-investing-tips-million-savings-contract-2017-11">Shaq is joining the board of Papa John's - here's his simple piece of advice for NBA players who don't want to lose their millions</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/IdwhExyt-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Former Goldman Sachs CEO Lloyd Blankfein cracks Twitter joke about bank CEOs being dragged before Congress

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5cadf5d6366fa60e102536f2-2400/84401c6270ac492faa8ad1e7b48f9026.jpg" border="0" alt="FILE - In this June 13, 2012, file photo JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, testifies on Capitol Hill in Washington. The heads of some of the U.S.' largest banks including Dimon will appear in front of Congress on Wednesday, April 10, 2019, for a hearing. (AP Photo/J. Scott Applewhite, File)" data-mce-source="Associated Press" data-mce-caption="FILE - In this June 13, 2012, file photo JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, testifies on Capitol Hill in Washington. The heads of some of the U.S.' largest banks including Dimon will appear in front of Congress on Wednesday, April 10, 2019, for a hearing. (AP Photo/J. Scott Applewhite, File)"><p class="source"><span>Associated Press</span></p><p class="caption">FILE - In this June 13, 2012, file photo JPMorgan Chase CEO Jamie Dimon, head of the largest bank in the United States, testifies on Capitol Hill in Washington. The heads of some of the U.S.' largest banks including Dimon will appear in front of Congress on Wednesday, April 10, 2019, for a hearing. (AP Photo/J. Scott Applewhite, File)</p></img></div><p></p></div></div><ul><li><strong>Not a single major bank CEO expressed confidence that their successor would 'likely' be a female or person of color.</strong></li><li><strong>Democratic Rep. Al Green asked the question during the Congressional hearings Wednesday.</strong></li><li><strong>Visit <a href="https://markets.businessinsider.com/">MarketsInsider.com</a> for more stories.</strong></li></ul><hr><p>"If you believe that your likely successor will be a woman or a person of color, would you kindly extend a hand into the air?" Democratic Rep. Al Green asked the CEOs of seven of the country's largest banks. <a href="https://www.cnn.com/videos/business/2019/04/10/ceo-women-poc-dimon-green-bank.cnn-business/video/playlists/stories-worth-watching/">Not a single one raised his hand</a> while testifying before the House Financial Services Committee on Wednesday.</p><p><span>The CEOs were hauled in front of Congress for nearly seven hours to give testimony on a wide variety of issues. Participating in the hearings were the following CEOs:</span></p><ul><li><span>Goldman Sachs CEO David Solomon</span></li><li><span>Citigroup CEO Michael Corbat</span></li><li><span>JPMorgan CEO Jamie Dimon</span></li><li><span>Morgan Stanley CEO James Gorman</span></li><li><span>Bank of America CEO Brian Moynihan</span></li><li><span>State Street CEO Ronald O'</span><span>Hanley</span></li><li><span>Bank of New York Mellon CEO Charles Scharf</span><span></span></li></ul><p><span>Green then asked whether that scenario was likely to occur in the next 10 years, and the response was different. Five CEOs raised their hands while Dimon shrugged his shoulders in an indication that he had no idea. Morgan Stanley CEO James Gorman also appeared bewildered by the question and did not respond. </span></p><p><span>For all the major banks in question, the CEO position is appointed by a vote the company's board of directors.</span></p><p><span>Check out the video below:</span></p><p>&#xa0;</p><div><iframe width="416" height="234" src="//fave.api.cnn.io/v1/fav/?video=business/2019/04/10/ceo-women-poc-dimon-green-bank.cnn-business&amp;customer=cnn&amp;edition=domestic&amp;env=prod" frameborder="0"></iframe></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/starbucks-spend-more-money-coffee-chain-rewards-2019-4">5 sneaky ways Starbucks gets you to spend more money</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/kkNM9tiF-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div></hr>

No major bank CEO thinks a female or person of color is likely to succeed them

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d2e126aa17d6c749733ae52-2400/2019-07-16t180630z1lynxnpef6f1chrtroptp4netflix-results.jpg" border="0" alt="FILE PHOTO: The Netflix logo is seen on their office in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson" data-mce-source="Reuters" data-mce-caption="The Netflix logo is seen on their office in Hollywood, Los Angeles" /><p class="source"><span>Reuters</span></p><p class="caption">Netflix has a new CMO.</p></div><p></p></div></div></p><ul class="summary-list"><li><strong>Keeping an eye on major hires and promotions is one of the best ways to understand a company's strategy. </strong></li><li><a href="https://theorg.com/">The Org</a> tracks executive changes at companies big and small. </li><li>Here's a snapshot of the most important executive moves of the week across tech, media, and financial services. </li></ul><p><span style="font-weight: 400;">Every week we bring you an overview of the most important executive changes across a variety of industries. </span></p><p><span style="font-weight: 400;">Netflix </span><span style="font-weight: 400;">announced that Jackie Lee-Joe will take over as Chief Marketing Officer following the retirement of Kelly Bennett earlier this year. Read more about this and other notable executive changes:</span></p><p><strong>Netflix hires new Chief Marketing Officer from BBC Studios</strong></p><p><a href="https://theorg.com/org/netflix"><span style="font-weight: 400;">Netflix</span></a><span style="font-weight: 400;"> has appointed </span><a href="https://theorg.com/org/netflix/team/jackie-lee-joe"><span style="font-weight: 400;">Jackie Lee-Joe</span></a><span style="font-weight: 400;"> as new Chief Marketing Officer succeeding Kelly Bennett who announced his retirement from the company earlier this year. Lee-Joe joins Netflix from </span><a href="https://theorg.com/org/bbc-studios"><span style="font-weight: 400;">BBC Studios</span></a><span style="font-weight: 400;">, a leading British television production and distribution company, where she was most recently Chief Marketing Officer.</span></p><p><strong>Accenture names Julie Sweet as new Chief Executive Officer</strong></p><p><a href="https://theorg.com/org/accenture/team/9142"><span style="font-weight: 400;">Julie Sweet</span></a><span style="font-weight: 400;"> will become </span><a href="https://theorg.com/org/accenture"><span style="font-weight: 400;">Accenture</span></a><span style="font-weight: 400;">'s Chief Executive Officer starting in September. She is currently chief executive officer of Accenture's business in North America, the company's largest geographic market with revenues of approximately $18 billion for fiscal 2018. </span><a href="https://theorg.com/org/accenture/team/7953"><span style="font-weight: 400;">David Rowland,</span></a><span style="font-weight: 400;"> currently interim chief executive officer, has been appointed executive chairman.</span><span style="font-weight: 400;"> </span></p><p><strong>Jean English named Chief Marketing Officer at Palo Alto Networks</strong></p><p><a href="https://theorg.com/org/palo-alto-networks"><span style="font-weight: 400;">Palo Alto Networks</span></a><span style="font-weight: 400;">, a leading global cybersecurity leader, has named </span><a href="https://theorg.com/org/palo-alto-networks/team/jean-english"><span style="font-weight: 400;">Jean English</span></a><span style="font-weight: 400;"> as new Chief Marketing Officer. English replaces </span><a href="https://theorg.com/org/palo-alto-networks/team/10613"><span style="font-weight: 400;">René Bonvanie</span></a><span style="font-weight: 400;"> who has decided to step away from his position to allow him to more effectively manage a chronic illness. Bonvanie will instead take on a new position as executive vice president of strategic accounts.</span></p><p><strong>Claire Dixon appointed Chief Communications Officer at Intel</strong></p><p><a href="https://theorg.com/org/intel"><span style="font-weight: 400;">Intel</span></a><span style="font-weight: 400;"> has announced the appointment of </span><a href="https://theorg.com/org/intel/team/claire-dixon"><span style="font-weight: 400;">Claire Dixon</span></a><span style="font-weight: 400;"> as corporate vice president and chief communications officer, effective July 1, 2019. Dixon has previously worked with Intel's CEO </span><a href="https://theorg.com/org/intel/team/25971"><span style="font-weight: 400;">Bob Swan</span></a><span style="font-weight: 400;"> when she spent four years as vice president of global communications at eBay, where she worked with Swan on the spin out of PayPal.</span></p><p><strong>BNY Mellon hires Jolen Anderson as Global Head of Human Resources</strong></p><p><a href="https://theorg.com/org/bny-mellon/team/jolen-anderson"><span style="font-weight: 400;">Jolen Anderson</span></a><span style="font-weight: 400;"> joins </span><a href="https://theorg.com/org/bny-mellon"><span style="font-weight: 400;">BNY Mellon</span></a><span style="font-weight: 400;"> as Global Head of Human Resources where she will report to Chairman and Chief Executive Officer, </span><a href="https://theorg.com/org/bny-mellon/team/11607"><span style="font-weight: 400;">Charles W. Scharf</span></a><span style="font-weight: 400;">, and be a member of the firm's Executive Committee. Anderson was most recently Senior Vice President and Chief Diversity Officer at </span><a href="https://theorg.com/org/visa-inc"><span style="font-weight: 400;">Visa</span></a><span style="font-weight: 400;"> and has been named one of the "11 Women Who are Changing the Face of Finance" by Forbes.</span></p><p><em>Christian Wylonis <a href="https://theorg.com/">is the co-founder and CEO of The Org</a>, where you<span> can meet the people behind the world's most innovative companies, explore organizational charts, stay updated on team changes, and join your own company. </span></em></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/300-million-world-cup-stadium-is-nearly-abandoned-2018-6">Brazil spent an estimated $300 million on a World Cup stadium that now sits nearly abandoned</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/mIMI5I4j-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

Here are the latest executive power moves that help explain everything that's going on a Netflix, Palo Alto Networks, and Intel

<p><span> <div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/561c266bbd86ef14008c139c-2400/charlie scharf.jpg" alt="charlie scharf" data-mce-source="REUTERS/Brendan McDermid" data-mce-caption="Charles Scharf ringing the bell for Visa's 2013 IPO." /><p class="source"><span>REUTERS/Brendan McDermid</span></p><p class="caption">Charles Scharf (center) ringing the bell for Visa's 2013 IPO.</p></div><p></p></div></div>Visa </span>Inc said Chief Executive Charlie Scharf has decided to resign, effective Dec. 1.</p><p>The company named Alfred Kelly Jr, a former president of American Express Co and a current <span>Visa </span>board member, as CEO.</p><p><span>Visa </span>said Scharf had informed the board that he decided to resign because he could no longer spend the time in San Francisco necessary to do the job effectively.</p><p>Scharf told Bloomberg he needs to spend more time with family on the East Coast. </p><p>Here's the full press <a href="http://pressreleases.visa.com/phoenix.zhtml?c=215693&amp;p=irol-newsarticlePR&amp;ID=2212318">release</a>:</p><p style="padding-left: 30px;">Visa Inc. (NYSE:V) today announced that Charlie Scharf is resigning as chief executive officer effective December 1, 2016, and the board of directors has unanimously voted to appoint Alfred F. Kelly, Jr. as CEO. Mr. Kelly, a current Visa board member, is the president and chief executive officer of Intersection Co. and the former president of American Express Co.</p><p style="padding-left: 30px;">Mr. Scharf informed the board of directors that he decided to resign his position as CEO and board member because he could no longer spend the time in San Francisco necessary to do the job effectively. The board of directors did a rigorous review of a diverse set of internal and external candidates and is extremely gratified that Mr. Kelly has accepted the position. Mr. Kelly will join the company on October 31, 2016 as CEO designate. As part of the transition, Mr. Scharf will serve as an advisor to Mr. Kelly beginning December 1, 2016 for several months.</p><p style="padding-left: 30px;">"Charlie has been a visionary CEO, highly successful by any set of metrics. He has helped transform Visa, the leading global payments technology company, into a technology-driven digital commerce company and has led a strategy that will benefit this company for years to come," said Robert W. Matschullat, the company's independent chairman. "The board of directors is extremely grateful for Charlie's leadership and wishes to thank him for his outstanding four-year tenure, which saw total shareholder return increase by more than 130%, outperforming both the overall stock market and our peer group."</p><p style="padding-left: 30px;">"We are thrilled to have found someone with Al's expertise and knowledge to take Visa to even greater heights. Al is a veteran payments industry executive who knows Visa well, having served as a board member for the past two-and-a-half years," said Mr. Matschullat. "The board unanimously agrees that Al is the right leader for the company, and we expect a seamless transition given Al's deep knowledge of the industry, demonstrated leadership capabilities, and his strong relationships with the talented management team currently in place."</p><p style="padding-left: 30px;">In his 23 years at American Express, Mr. Kelly held a variety of leadership positions. In addition to being president of American Express, he was head of the Global Consumer and Consumer Card Services groups. He currently serves on the board of directors of MetLife Inc.</p><p style="padding-left: 30px;">Mr. Scharf commented: "I love working and running this great global company and I am sad to have reached the conclusion that I should step down, but running a San Francisco based company just doesn't work for me personally right now and wouldn't be fair to Visa. It has been an incredible privilege and honor to work with my many colleagues who have contributed so significantly to our success and transformation, and have strengthened our position as the leading global payments provider. I feel confident that the clarity of our strategic goals and our decisive actions will ensure that we continue to thrive in this quickly evolving industry."</p><p style="padding-left: 30px;">"Visa is lucky to have Al Kelly as the next CEO. I and our senior management team have had the opportunity to work closely with Al - and those relationships, along with his depth and breadth of payment knowledge - will enable him to step in quickly without missing a beat. I, of course, will do everything I can to help make the transition as easy as possible for everyone. Al is the right person to lead Visa to continued success."</p><p style="padding-left: 30px;">Under Mr. Scharf's leadership, Visa has strengthened its position in global electronic payments and has been a leader in bringing innovation to the industry. Visa has transformed its technology platform by opening access to its network and capabilities through the Visa Developer Center, partnered with the world's leading technology companies to drive new payment experiences, introduced new technologies to improve payment system security, and built a world class management team.</p><p style="padding-left: 30px;">In addition, the company successfully completed the acquisition of Visa Europe in June 2016, and delivered strong financial results, with operating income climbing to $9.1 billion in FY 2015. Visa's stock was added to the Dow Jones Industrial Average in 2013.</p><p style="padding-left: 30px;">Mr. Kelly said: "I am extremely excited and honored to take on this role and build on Charlie's work and that of all of the employees at Visa. Visa is incredibly well positioned for continued success, and I look forward to joining this preeminent global organization. I have had the pleasure of getting to know many of the Visa executives during my time on the board, and they are a talented group of business leaders who have been relentlessly focused on driving Visa's global strategy. I look forward to working with them, including Ryan McInerney, Visa's President, in serving our clients. Charlie has positioned Visa for great success, and I thank him for his leadership."</p><p style="padding-left: 30px;">The succession will be effective December 1, 2016, when Mr. Scharf will step down and Mr. Kelly will assume the CEO position.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/brutal-hillary-clinton-ad-donald-trump-debate-2016-9">Watch the brutal Hillary Clinton ad that pits Trump against himself</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lsbWY2NjE6yF6b_VF7iQaBKwS-bHRI1_" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'lsbWY2NjE6yF6b_VF7iQaBKwS-bHRI1_',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

Visa's CEO is resigning and says he could no longer spend the time in San Francisco to do the job well

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5cae3738d4206004f05bbc13-2400/ap19100539921355.jpg" border="0" alt="bank ceos james gorman brian moynihan david solomon" data-mce-source="Patrick Semansky/AP Images"><p class="source"><span>Patrick Semansky/AP Images</span></p><p class="caption">CEOs from seven major banks - JPMorgan Chase, Citigroup, Bank of America, Goldman Sachs, State Street, Morgan Stanley, and BNY Mellon - testified before Congress on Wednesday.</p></img></div><p></p></div></div><ul class="summary-list"><li>The CEOs of seven of America's largest banks testified before the House Financial Services committee on Wednesday.</li><li>During the hearing, GOP Rep. Roger Williams asked all seven bank CEOs the same question.</li><li>"I want to ask each one of you, starting with Mr. Corbat, a straightforward question: Are you a socialist or are you a capitalist?" Williams asked.</li><li>Every bank CEO replied that they were a capitalist.</li><li>This was not the first time Williams has asked witnesses at the Financial Services whether they prefer socialism or capitalism.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit BusinessInsider.com for more stories.</a></li></ul><p>Republican Rep. Roger Williams wanted to clarify one thing with the CEOs of seven of America's largest banks during a congressional hearing on Wednesday: Were they capitalists or socialists?</p><p>Williams started off his questioning of the seven CEOs - Michael Corbat of Citigroup, Jamie Dimon of JPMorgan Chase, James Gorman of Morgan Stanley, Brian Moynihan of Bank of America, Ronald O'Hanley of State Street, Charles Scharf of BNY Mellon, and David Solomon of Goldman Sachs - by decrying socialist policies in other countries and warning what would happen if economic system came to the US.</p><p>After the preamble, Williams asked the seven bank CEOs his binary question.</p><p>"I want to ask each one of you, starting with Mr. Corbat, a straightforward question: Are you a socialist or are you a capitalist?" Williams asked.</p><p>Each of the CEOs in attendance confirmed they were capitalists.</p><p>"Well it's a shutout for the socialists today," Williams replied.</p><p>The question elicited some chuckles from another member on the committee, who in a hot mic moment laughed about Williams asking the leaders of some of the world's largest financial institutions whether they were capitalists.</p><p>The issue of socialism has recently been gaining steam in political discourse with the rise of candidates and lawmakers, such as Rep. Alexandria Ocasio-Cortez, who are affiliated with the Democratic Socialists of America.</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/difference-between-socialist-and-democratic-socialist-2018-6">Here's the difference between a 'socialist' and a 'Democratic socialist'</a></em></p><p>While there are differences between <a href="https://www.businessinsider.com/difference-between-socialist-and-democratic-socialist-2018-6">democratic socialism and pure socialism</a>, Republicans have used the affiliations to attack Democrats and their policy proposals, invoking failed socialist and communists states, most frequently Venezuela.</p><p>President Donald Trump has tried to connect Democrats to socialism and <a href="https://www.breitbart.com/politics/2019/03/11/exclusive-donald-trump-seductive-socialism-would-send-country-down-the-tubes-in-a-decade-or-less/" target="_blank" rel="noopener">has said the 2020 election</a> will be a "referendum on socialism versus capitalism."</p><p>This is also not the first time Williams has posed the question during a hearing. On March 13 during a hearing on the National Flood Insurance Program, the Texas Republican also <a href="https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=402386">asked a panel of experts</a> whether they were socialists or capitalists.</p><h2>Watch Wednesday's moment below:</h2><p class="tagline">Get the latest Goldman Sachs stock price<a href="http://markets.businessinsider.com/stock/GS-Quote"> here.</a></p><div><blockquote class="twitter-tweet" lang="en"><p>.<a href="https://twitter.com/RepRWilliams?ref_src=twsrc%5Etfw">@RepRWilliams</a> asks panel of Global Bank CEOs: "Are you a socialist or are you a capitalist?" <a href="https://t.co/O6grnycTm8">pic.twitter.com/O6grnycTm8</a></p>- CSPAN  (@cspan) <a href="https://twitter.com/mims/statuses/1116020995830288385?ref_src=twsrc%5Etfw">April 10, 2019</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/kareem-abdul-jabbar-ncaa-should-pay-their-athletes-2016-3">NBA legend Kareem Abdul-Jabbar explains why the NCAA should pay college athletes</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/KY2pjbDf-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

A Republican congressman asked the CEOs of 7 of America's largest banks 'Are you a socialist or are you a capitalist?'

<p></p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5d44a25d100a241e3636347e-1667/jpmorgan-chase-org-2x1.png" border="0" alt="jpmorgan chase org 2x1" data-mce-source="Stephen Lovekin/Getty; Tiffany Rose/Getty; JPMorgan Chase; Shayanne Gal/Business Insider"><p class="source"><span>Stephen Lovekin/Getty; Tiffany Rose/Getty; JPMorgan Chase; Shayanne Gal/Business Insider</span></p></img></div><p></p></div></div><p>JPMorgan is the biggest bank in the US and a leading bellwether for the global financial system. So when it comes to the bank's most senior leaders, and particularly those in position to replace CEO Jamie Dimon, Wall Street pays attention.</p><p>Business Insider went out and identified the lender's 70 or so most important executives. We compiled the list by speaking with current and former employees, competitors, and recruiters, focusing our search on the operating committee and an executive cohort one level down at JPMorgan's four business units. We decided to avoid most staff in the control or corporate functions, aside from a few key people.</p><p>A JPMorgan spokesman declined to comment for this project.&#xa0;</p><p>At the top is none other than Dimon, CEO or chairman of the firm since January 2006, roughly 18 months after his Chicago-based lender, Bank One, was purchased by JPMorgan Chase. Dimon enjoys a reputation as the best, or among the best, bankers of his generation - and as Roger Lowenstein <a href="https://www.nytimes.com/2010/12/05/magazine/05Dimon-t.html">wrote in the New York Times Magazine in 2010</a>, the "least hated."</p><p>As he's aged, Dimon has developed a reputation for sidelining CEO challengers. The industry is littered with those thought to be potential successors.</p><p>To name just a few: Jes Staley, now the CEO of Barclays; former JPMorgan investment banking co-head Bill Winters, who now runs Standard Chartered; ex-retail banking exec Charles Scharf, the CEO at Bank of New York Mellon after a stint running payments processor Visa; and former co-chief operating officer Frank Bisignano, the president and COO at Fiserv Inc. Matt Zames, another COO and rumored successor, left rather suddenly in 2017.&#xa0;</p><p>When asked about his eventual retirement, Dimon has taken to saying he'd like to work for another five years or so. The comment has become a running joke among Wall Street analysts, investors and even JPMorgan execs. But at 63, Dimon is approaching the typical retirement age and there's talk that his "another five years" might actually be counting down.</p><p>Earlier this year, JPMorgan moved longtime CFO and potential short-list successor Marianne Lake to <a href="https://www.businessinsider.com/jpmorgan-names-new-cfo-and-places-marianne-lake-in-charge-of-a-new-consumer-lending-unit-2019-4">a job running consumer lending</a>. Credit card chief Jennifer Piepszak took Lake's role as CFO.&#xa0;</p><p>The moves were widely interpreted as being part of succession planning, with some wondering if this meant Lake was out of the running or just getting needed operating experience, or if Piepszak was now the favored one. Another strain of thought saw Dimon positioning a replacement for consumer-banking chief Gordon Smith, <a href="https://www.wsj.com/articles/wells-fargo-ceo-search-drags-on-as-two-top-candidates-take-pass-11560260320">rumored to be in talks for the top job at Wells Fargo</a>.&#xa0;</p><p>Smith is still at JPMorgan and had some wise words in late May around how he thinks about the bank's broader leadership team, in the context of all the focus on Dimon's replacement.&#xa0;</p><p>"<span>It's very obvious and understandable why Jamie's succession is what gets the vast majority of the ink," he said at an investor conference that month. "</span><span>But what we all worry about is - yes, the CEO - but who are the 15 people or so, plus or minus, that will be on the operating committee of the firm. That will steer it for the next decade, the decades following Jamie's rolling 5 [years until retirement]? What will be that group of people?"</span></p><p>This list gives you the inside track on identifying that group.&#xa0;</p><p>&#xa0;</p><p><em>Have more information about the organizational structure or something else at JPMorgan? Contact the reporter by <a href="https://www.businessinsider.com/author/dakin-campbell">phone</a>, email at dcampbell@businessinsider.com or via encrypted chat with <a href="https://www.businessinsider.com/author/dakin-campbell">Signal</a>.&#xa0;</em></p><p class="tagline"><a href="https://www.businessinsider.com/intelligence/future-of-fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=future-of-fintech-2"><img src="https://static.businessinsider.com/image/5d3716eea209d36f2475b70f" alt="Exclusive FREE Report: The Future of Fintech by Business Insider Intelligence" border="0" style="width: 100% !important" /></a></p><div><div style="position: relative;width: auto;padding: 0 0 198.75%;height: 0;top: 0;left: 0;bottom: 0;right: 0;margin: 0;border: 0 none" id="experience-5d387614608ff" data-aspectratio="0.5031" data-mobile-aspectratio="0.4871"><iframe allowfullscreen="" src="//view.ceros.com/business-insider/jp-morgan-org-chart-1-1" style="position: absolute;top: 0;left: 0;bottom: 0;right: 0;margin: 0;padding: 0;border: 0 none;height: 100%;width: 100%" frameborder="0" class="ceros-experience"></iframe></div><script type="text/javascript" src="//view.ceros.com/scroll-proxy.min.js"></script></div>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-is-super-earth-2018-6">Super-Earths are real and they could be an even better place to live than Earth</a></h3>        <div>            <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/9OrTF64m-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script>        </div>    </div>

We identified the 70 most powerful people at JPMorgan. Here's our exclusive org chart.

<p class="p1"><span style="line-height: 1.5em;"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5418d25f69beddb92b354534-1200-924/satya-nadella-microsoft-ceo-27.png" border="0" alt="satya nadella microsoft CEO"><p class="source"><span>Microsoft</span></p><p class="caption">Microsoft CEO Satya Nadella</p></img></div><p></p></div></div></span></p>
<p class="p1"><span style="line-height: 1.5em;">Microsoft <a href="http://www.microsoft.com/en-us/news/press/2014/sep14/09-16corpnews.aspx">announced on Tuesday</a> that it is replacing two board members and increasing its quarterly dividend by 11%.</span></p>
<p class="p2"><span style="line-height: 1.5em;">The new board members are Teri List-Stoll, executive VP and CFO of Kraft Foods Group, and Charles W. Scharf, CEO of Visa. They'll be replacing Dave Marquardt and Dina Dublon, who will retire from the board after the annual shareholder meeting in December. List-Stoll and Scharf will join the board on Oct. 1.</span></p>
<p class="p2"><span style="line-height: 1.5em;">Microsoft will also increase its quarterly dividend 3 cents, or 11%, to $0.31 per share. The new dividend is payable Dec. 11 to shareholders of record on Nov. 20, the company said.</span></p>
<p class="p2"><span style="line-height: 1.5em;">Scharf previously served CEO roles at JPMorgan Chase &amp; Co.'s Retail Financial Services and Bank One Corp. He was also CFO at Salomon Smith Barney before that.</span></p>
<p class="p2"><span style="line-height: 1.5em;">Before joining Kraft, List-Stoll was senior VP and treasurer at Procter &amp; Gamble, where she had a 20-year career. </span></p>

The CEO Of Visa And The CFO Of Kraft Are Joining Microsoft's Board

<p><em><strong>Editors note: This is the free edition of Payments Insider, a briefing on all things payments produced by <a href="http://e.businessinsider.com/521df5d31e240a9c3f3102401gfdb.0/TwsryxbNAaf4axVAC0754" target="_blank">BI Intelligence</a>. </strong></em></p>
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<hr />
<p><strong>TROUBLES IN RUSSIA FOR THE CREDIT CARD NETWORKS: </strong>During Visa's earnings call yesterday, CEO Charles Scharf warned that Russia's legislature could pass a series of changes that overhauls the Russian payments system and places tight regulation on foreign electronic payment companies, "as early as tomorrow." The changes might include requirements that domestic data-processing and transaction data remain onshore, as well as volume caps on foreign payment systems, such as Visa and MasterCard. Russia has also announced the creation of its own national electronic payments network. Russia's moves come in response to U.S. sanctions over Russia's annexation of Crimea. The sanctions targeted banks and individuals with close ties to President Vladimir Putin, and required Visa and MasterCard to suspend service to several card-issuing banks in Russia.  </p>
<p><strong><strong>The major card companies would certainly be dealt a significant blow if</strong> Russia goes ahead with the new regulations and plans for an alternative network. </strong>"Keep in mind, this is all still fluid," Scharf said on the call. But he admitted that any of the changes could ultimately cause Visa to reconsider opportunities in the Russian market: " ... none of this is certainly helpful for Visa if passed, parts might even cause us to rethink our domestic processing opportunity in Russia." Visa, which has 100 million cards issued in Russia, says the Crimean troubles have already spurred a clear drop-off in cross border volume - or purchases where the card-issuing country is different from the merchant country.</p>
<p><strong>But concerns that other countries could follow suit in creating alternative payment infrastructure may be premature, says analyst Josh Olson.</strong>"The Visa and MasterCard networks have true competitive advantages," he tells us. "It's easier said than done to duplicate these payments networks." During the earnings call, Scharf also sounded an optimistic note on Visa's ability to compete against nationalized systems: "We firmly believe that what we have to offer goes well beyond what a national payment scheme can offer in terms of the capabilities of our network, our global acceptance, our ability to be accepted across all channels, [and] fraud screening." </p>
<p><strong>STARBUCKS MOBILE PAYMENTS VOLUME SKYROCKETS:</strong> On yesterday's earnings call, Starbucks executives highlighted the company's phenomenally successful mobile payments app, which <a href="https://intelligence.businessinsider.com/starbucks-mobile-payments-continue-to-skyrocket-2014-4">we estimate</a> channeled revenue of $314 million in the first quarter. <span>CEO Howard Schultz</span> said that in U.S. and Canadian company-operated stores, the app is channeling 14% of transaction volume, which represents 75% year-over-year growth. He also said 10 million Starbucks customers are using the app. Schultz reiterated that national retailers and tech companies have approached the company asking whether or not it would white-label the app. He did not say whether the company would do so, only that Starbucks was actively discussing the possibility. </p>
<p><strong>GLOBAL NFC SIM SHIPMENTS UP 159%:</strong> A trade group representing manufacturers of SIM cards, the identifying circuits found in nearly all mobile phones, says shipments of near-field communication (NFC) SIMs skyrocketed to 78 million last year, a 159% jump over 2012. NFC technology is one of several wireless technologies competing for popularity as mobile payments solutions. SIMalliance Chairman Frédéric Vasnier predicted that NFC SIM shipments would continue to rise "in all developed markets" in 2014. "The signal is loud and clear," Vasnier said. "The infrastructure has been laid for the future mass roll-out of secure SIM-based NFC services." These numbers follow other recent signs of NFC's resurgent popularity, including <a href="https://intelligence.businessinsider.com/paypal-on-nfc--wal-mart-remittances--worldpay-in-china-2014-4" target="_blank">PayPal's sudden friendliness toward the technology</a>. (<a href="http://www.paymentscardsandmobile.com/simalliance-reports-strong-growth-nfc-sim-cards/">Payments Cards &amp; Mobile</a>)</p>
<p><strong>SHOPKEEP RAISES $25M IN ADDITIONAL FUNDING.</strong><span> Point-of-sale provider ShopKeep </span><a href="http://www.businesswire.com/news/home/20140424006052/en/ShopKeep-POS-Raises-25-Million-Thayer-Street#.U1lsLMeppz8">has raised</a><span> $25 million in a series C funding round, bringing the company's total venture funding to $37 million. The New York-based startup provides cloud-based point-of-sale systems, primarily to small retailers and quick-service restaurants, though sources tell us that the company plans to expand its product to sit-down restaurants. Last month, ShopKeep competitor Vend raised $20 million in series B, as venture funding for payments technology startups </span><a href="http://www.businessinsider.com/payments-funding-explodes--amex-earnings--a-bitcoin-documentary-2014-4">exploded</a><span> to a five-year high.</span></p>
<p><span><strong>SQUARE PLANS AMBITIOUS EXPANSION FOR NYC OFFICE: </strong><span>Mobile payments company Square </span><a href="https://squareup.com/news/releases/2014/square-opens-nyc-headquarters">has announced</a><span> plans to establish an east coast headquarters in Manhattan's SoHo neighborhood, expanding the company's New York team to more than 350. The company said its employees would move into the offices this summer. The move signals aggressive expansion plans from Square, which today employs 30 in New York and 800 worldwide. Square's financial health and supposed razor-thin margins were recently the subject of speculation after the company was rumored to be in sales talks with Google - rumors the company has repeatedly denied.</span></span></p>
<p><strong>FACEBOOK AND APPLE EXECS ON PAYMENTS: </strong>In case you missed them, here are two key payments-related statements from earnings calls earlier this week.</p>
<p><span><strong>Sheryl Sandberg</strong>, Facebook COO, during the company's earnings call, trying to deflect the idea that Facebook has to provide a major payments platform - such as a way to log in and pay across retail websites - if it's to be relevant for online retailers: </span>"I guess [it's] really important to know that, our advertising business is very relevant for e-commerce and that doesn't depend on taking payments and it doesn't depend on a payment strategy because we provide a really great opportunity for marketers to find customers who are then going to go ahead and buy their products both online and offline."</p>
<p><span><strong>Tim Cook</strong>, Apple CEO, speaking on the payments potential of Touch ID, the fingerprint-reader on the company's iPhone 5S, as well as the fact that nobody has yet figured out how to create payment tools better than the old-fashioned wallet: </span>"We have almost 800 million iTunes accounts and the majority of those have credit cards behind them. We already have people using Touch ID to buy things across our store, so it's an area of interest to us. And it's an area where nobody has figured it out yet. I realize that there are some companies playing in it, but you still have a wallet in your back pocket and I do too which probably means it hasn't been figured out just yet."</p>
<p>The full version of this briefing is available to BI Intelligence members. <a href="https://intelligence.businessinsider.com/register" target="_blank">Sign up for a free trial here</a>. </p>
<p><strong><em><strong>Here's what else BI Intelligence members are reading...</strong></em></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/starbucks-mobile-payments-continue-to-skyrocket-2014-4">Starbucks's Mobile Payment Volume Reaches $314 Million In The First Quarter</a></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/amazon-posts-strong-revenues-but-faces-tough-competition-abroad-2014-4">Amazon Posts Strong Revenues But Faces Tough Competition Abroad</a></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/online-video-advertising-grows-in-double-digits-as-traditional-tv-ad-revenue-shrinks-2014-4">Online Video Advertising Grows In Double Digits As Traditional TV Ad Revenue Shrinks</a></strong></p>

Russia's Response To Sanctions Could Mean Trouble For MasterCard And Visa

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<hr />
<p> <strong>VISA EARNINGS CALL RECAP.</strong> Visa reported earnings yesterday showing strong results in the final quarter of the year. Visa is the largest payment network in the world and has a huge amount power over most aspects of the legacy payments system. </p>
<p>Here are the key points from the call: </p>
<ul>
<li><strong>Transactions and payment volume grow:</strong> Global payment volume grew to $1.1 trillion in the final quarter of 2013, an 8.3% inflation-adjusted increase over the same period in 2012. The number of global transactions grew to 19.5 million in the fourth quarter of 2013 from 17.7 million in 2012.  </li>
<li><strong>Visa not budging on EMV:</strong> Visa reaffirmed its October 2015 deadline for merchants and card issuing banks to migrate to the EMV or "chip card" standard. Fraud liability will shift to merchants and issuers who do not adopt the standard.</li>
<li><strong>Visa is paying attention to Bitcoin: </strong>"It's early days in terms of what Bitcoin is and what it will be. We're certainly paying attention to it ... There is certainly some interesting things about Bitcoin and other things like it, but there is also a great deal of complexity. People talk about things like frictionless ...When you actually dig through it, it's really not the case; it's far more complex than that. We feel very comfortable with the business that we have here," said CEO Charles W. Scharf. </li>
<li><strong>What V.me is: </strong>"People like to ask, is it a wallet? Is it this? Is it that? It's really not that complicated ... V.me is just an easy way to check out using [your] user name and password and not having to enter your account number, the expiration date, shipping address, and all that other kind of stuff," said Scharf. From Scharf's comments, it sounds like the product, which launched in 2012, is in the same category as "Login and Pay with Amazon" and "Pay with PayPal" buttons on e-commerce sites. The company reports that it has over 300 merchants signed up for the service, and 80 are currently live on the platform. (<a href="http://investor.visa.com/events-calendar/Event-Details/2014/Q1-2014-Visa-Inc-Earnings-Conference-Call/default.aspx" target="_blank">Visa</a>)</li>
</ul>
<p><strong>PAYPAL PITCHES APPLE ON PAYMENTS.</strong> While it's little more than rumor at this point, Re/code reports that three payments industry executives have confirmed that PayPal has been pitching Apple on a payments partnership. It's not clear exactly how the deal would work if Apple were to agree, but one possibility is that PayPal would effectively white-label some of its services in order for Apple to move into payments. <a href="https://intelligence.businessinsider.com/apple-has-all-the-pieces-it-needs-to-become-a-powerful-force-in-payments-2014-1" target="_blank">We've already reported what a force Apple would be</a> if it decided to get into payments and it's not clear what, if any advantage it would gain through partnering with PayPal. (<a href="http://recode.net/2014/01/30/paypal-wants-in-on-apples-mobile-payments-dreams/" target="_blank">Re/code</a>)<strong><br /></strong></p>
<p><strong>INTUIT-OWNED MINT BRINGS MONEY MANAGEMENT TO BITCOIN. </strong>Silicon Valley-based Mint, a personal finance management platform, has partnered with Bitcoin wallet Coinbase to allow users to see their Bitcoin holdings on the same platform as their other finances like their 401Ks and bank accounts. It's not a huge step forward for Bitcoin, but it does show that it's becoming more of a household name. (<a href="http://venturebeat.com/2014/01/29/mint-integrates-with-coinbase-so-you-can-track-bitcoin-with-the-rest-of-your-finances/" target="_blank">Venture Beat</a>)</p>
<p><strong>HEARTLAND PAYMENTS SYSTEMS FILES A LAWSUIT. </strong>Payments processor Heartland Payments Systems is filing a lawsuit against another processor, Mercury Payments Systems. In a transaction, card networks charge an interchange fee and payments processors add a mark-up charge to this interchange fee when they charge merchants for their processing services. Heartland alleges that Mercury payments is billing some of its mark-up fee as an interchange fee so that the cost of its services looks lower than it actually is. (<a href="http://www.snl.com/irweblinkx/file.aspx?IID=4094417&amp;FID=21840149" target="_blank">Heartland Payments Systems</a>)</p>
<p><strong>WELCOME, INSIDERS: </strong>Don't forget to <a href="http://e.businessinsider.com/join/biipaymentsform" target="_blank">sign up</a> and get Payments Insider every morning in your inbox. Please email johnh@businessinsider.com with news and tips.</p>
<p><strong>PAYMENTS TECHNOLOGY PROVIDER ADDS DIRECT-TO-DEBIT PAYMENTS FOR BUSINESS. </strong>Georgia-based Acculynk provides software for securing digital payments. The company has a peer-to-peer payments platform, Payzur, which now provides businesses with a way to make payments directly to the debit or prepaid cards of individuals or businesses. The advantage of the service is that businesses and individuals no longer need to wait days for payments to clear. (<a href="http://www.pymnts.com/news/businesswire-feed/2014/january/30/acculynk-launches-direct-to-debit-business-payout-solution-20140130005332" target="_blank">PYMNTS</a>)</p>
<p><strong>CLINKLE GETS HACKED</strong>. Payments startup Clinkle, which we reported on in a <a href="http://www.businessinsider.com/dunkin-donuts-puts-starbucks-in-its-sights-with-a-new-mobile-payment-strategy-2014-1" target="_blank">recent Payments Insider</a>, has been hacked, according to TechCrunch. The hack was apparently carried out using a private API which was used to reveal the names, phone numbers, Clinkle IDs, and images of people using the app. While the hack is somewhat concerning, Clinkle hasn't officially launched yet and responded saying that the feature was for testing purposes and would be turned-off when the app launched. (<a href="http://techcrunch.com/2014/01/30/clinkle-gets-hacked-before-it-even-launches/" target="_blank">TechCrunch</a>)</p>
<p><strong>A LOOK AT MOBILE PAYMENTS IN LATIN AMERICA. </strong>New legislation brought into effect in a number of Latin American countries will shape the future of digital payments in the region.</p>
<p><strong>Legislation in Peru requires that mobile payments be interoperable.</strong> In other words, the country is building one set of rails so that mobile payments can be made to anyone, regardless of the platform they're on or the institution they are using to make or receive payments. The banks that control the ACH rails are building the new mobile payments rails. Peru has also created a new category of company called "Electronic Money Issuing Firm," which is defined as a business that changes physical money into digital money. These companies will have access to the new mobile payment rails. The idea is to increase financial inclusion by making it easier for mobile payments companies to be successful. These companies often provide bank-like services to the unbanked.</p>
<p><strong>Brazil requires all payments to ride on the same rails. </strong>Like Peru, Brazil wants all the payments rails to work equally for all types of payments institutions and providers, but Brazil's plan is to create interoperability for all types of payment, not just mobile. In addition, non-banks can now qualify as financial institutions which will give new mobile payments companies access to the rails. Fees for payments are now under the supervision of Brazil's central bank which may help to keep them low.</p>
<p><strong>Mexico and Costa Rica want to connect mobile phone numbers with bank accounts.</strong> In Mexico, banks will be required to associate a customer's bank account with that person's phone number when requested. The customer's phone number can then be used as an account number to which funds can be delivered. Costa Rica is going to roll out a similar scheme in the second quarter of 2014 as well. These new strategies are meant to increase the use of mobile phones as financial management and payment devices. (<a href="http://paymentsviews.com/2014/01/30/the-biggest-mobile-payments-story/" target="_blank">Payments Views</a>)</p>
<p><em><strong>Here's what else BI Intelligence subscribers are reading...</strong></em></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/how-bitcoin-works-and-could-change-payments-2014-1">BITCOIN: How It Works, And Why It Could Fundamentally Change How Companies And Individuals Handle Payments</a></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/in-2013-paypal-far-surpassed-its-own-expectations-for-mobile-based-transactions-2014-1">In 2013, PayPal Far Surpassed Its Own Expectations For Mobile-Based Transactions</a></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/amazon-reports-earnings-as-payments-news-breaks-2014-1">Amazon Reports Earnings As Payments News Breaks - Starbucks Doubles Down On Mobile Payments</a></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/video-insider-super-bowl-ads-already-top-44-million-views-on-youtube-2014-1">Apple TV Could Rule The Cable Box - Super Bowl Ads Already Top 44 Million Views On YouTube</a></strong></p>
<p class="headline"><strong><a href="https://intelligence.businessinsider.com/social-insider-facebook-is-a-mobile-business-zucks-milestones-mining-twitter-news-2014-1">Facebook Is A Mobile Business - Zuck's Milestones - Mining Twitter News</a></strong></p>

Visa's Earnings Call Sheds Light On EMV, Bitcoin, And V.me

<p class="p1"><span class="s1"><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/541961c6eab8ea927f8e964c-1200-600/highland-games-scotland-3.jpg" border="0" alt="Highland Games Scotland"><p class="source"><span><a href="http://www.shutterstock.com/gallery-558787p1.html?cr=00&amp;pl=edit-00"> JASPERIMAGE / Shutterstock.com </a></span></p></img></div><p></p></div></div></span></p>
<p class="p1"><span class="s1">Hello! These are the big issues that'll be making waves today. </span></p>
<p class="p1"><span class="s1"><span class="s1"><strong>Two new polls have the Scottish independence referendum almost neck and neck.</strong> Both the polls by ICM and Opinium <a href="http://www.businessinsider.com/polls-scottish-independence-no-vote-holds-steady-2014-9">have the No campaign very narrowly ahead</a>, with 52% to 48% for the Yes campaign. But both polls show a significant number of people still undecided, and everything is left to play for in Thursday's vote.</span></span></p>
<p class="p1"><span class="s1"><strong>The UK labour market is still powering ahead.</strong> Unemployment figures beat analyst expectations, and the rate dropped to 6.2%. <a href="http://www.businessinsider.com/uk-employment-report-2014-9">British businesses hired 774,000 people on net in the year to July.</a> Despite the labour market strength, Bank of England minutes this morning show no rush to raise interest rates, with only two of the nine monetary policymakers pushing for a hike.</span></p>
<p class="p1"><span class="s1"><strong>Eurozone inflation is a little higher than we thought.</strong> Inflation in the Eurozone came in at 0.4% for August, slightly up from the 0.3% recorded in the flash estimate. Turns out services price pressure was a little higher than Eurostat thought. So instead of being the lowest inflation reading since 2009, August's print is just the joint-lowest inflation reading since 2009. </span></p>
<p class="p1"><strong><span class="s1">Sony is not having a good 2014. </span></strong><span style="font-size: 15px; line-height: 1.5em;">The electronics colossus is forecasting annual losses 300% higher than it previously had. It's now<a href="http://www.businessinsider.com/afp-sony-warns-of-2.14-bn-annual-loss-over-four-times-forecast-2014-9"> expecting to be in the red by about $2.14bn</a> in the current fiscal year. Previously the Japanese giant thought losses would run to about $50m.</span></p>
<p class="p1"><span style="font-size: 15px; line-height: 1.5em;"><strong>Microsoft hiked its dividend 11% and appointed two new board members. </strong><span>The </span><a href="http://www.businessinsider.com/r-microsoft-boosts-dividend-11-percent-adds-new-directors---2014-9">massive computer firm raised its per share quarterly dividend</a><span> to $0.31. </span><span>Teri List-Stoll, Kraft CFO,  and Visa CEO Charles Scharf will both join the board in Octobe</span>.</span></p>
<p class="p1"><span class="s1"><strong>European markets made small gains this morning.</strong> France's CAC 40 and Germany's DAX index both opened up by 0.6% and 0.5% respectively. The FTSE 100 was a little quieter, up by about 0.1 per cent. Despite a strong employment report the Scottish referendum is likely to weight on UK equities today. In Asia, the Hang Seng index closed up 1% and the Nikkei closed down 0.14%. </span></p>
<p class="p1"><span class="s1"><strong>All eyes are on the Fed's language after FOMC meeting.</strong> The latest meeting of Federal Reserve policymakers concludes today, with a press conference at 2:30 p.m. ET. Investors are paying a lot of attention to whether the rate-setters continue to say they will wait for a "considerable time" between ending the tapering of QE and raising interest rates. Check out <a href="http://www.businessinsider.com/september-fomc-meeting-preview-2014-9">everything that's happened since Yellen last gave a big press conference</a> from Business Insider's Myles Udland. </span></p>
<p class="p1"><span class="s1"><strong>China's secretive central bank is conducting a big stimulus.</strong> The People's Bank of China is reportedly <a href="http://www.businessinsider.com/r-china-cenbank-injects-81-billion-into-major-banks-to-support-economy-reports-2014-9">injecting 500 billion yuan </a>($81.35 billion) into the country's banking system in a move design to jump-start the country's slowing economy. The bank is infamous for its lack of transparency, so no official announcement has been made.</span></p>
<p class="p1"><span class="s1"><strong>An Air France Strike is in its third day, grounding 60% of its flights.</strong> The French government is not happy, and <a href="http://www.businessinsider.com/r-french-government-calls-for-end-to-air-france-strike--2014-9">Prime Minister Manuel Valls says it is affecting the image of the country</a>.</span><span style="font-size: 15px; line-height: 1.5em;"> </span></p>
<p class="p1"><span style="font-size: 15px; line-height: 1.5em;"><strong>There are now more billionaires in Europe than North America.</strong> According to Lauren Davidson at the Telegraph,</span><span style="font-size: 15px; line-height: 1.5em;"> <a href="http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11101254/Europe-is-now-the-billionaire-capital-of-the-world.html">there are now 775 dollar billionaires in Europe, against 609 in the US</a>. Asia is seeing the fastest growth, up 18.7%. </span></p>

10 Things You Need To Know Before The Opening Bell

<p><div class="KonaFilter image-container float_right click-to-enlarge"><div class="image on-image"><a title_source="AP Photo/Eric Risberg" title_caption="Oracle CEO Larry Ellison." class="zoomin" href="https://static-ssl.businessinsider.com/image/5385f3e66bb3f78a6813aa52-960/larry-ellison-77.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span><img src="https://static-ssl.businessinsider.com/image/5385f3e66bb3f78a6813aa52-878-658/larry-ellison-77.jpg?maxX=480" border="0" alt="Larry Ellison" width="480" /></a><p class="source"><span>AP Photo/Eric Risberg</span></p><p class="caption">Oracle CEO Larry Ellison.</p></div><p></p></div>Average CEO pay at the biggest companies in the U.S. has been increasing at a moderate rate with the majority of wealth concentrated in fewer hands over the past several years, according to <a href="http://graphics.wsj.com/executive-salary-compensation-2014/">a new annual survey by the Wall Street Journal and the Hay Group</a>.</p>
<p>Total annual compensation for the top 301 CEOs in America increased by a median 5.5% to $11.4 million from 2012 to 2013. <span style="line-height: 1.5em;">The top 10% of earners made 23% of the total compensation, according to the report.</span></p>
<p>Meanwhile, <a href="http://online.wsj.com/articles/ceo-pay-rises-moderately-a-few-reap-huge-rewards-1401235102?mod=WSJ_hp_RightTopStories&amp;cb=logged0.8643125495873392">wages and salaries for private sector employees in the U.S. increased by 1.8%</a> during the same period, a growth discrepancy also indicative of <a href="http://www.epi.org/publication/ceo-pay-2012-extraordinarily-high/">a trend</a> since the recession.</p>
<p>Notably, none of the CEOs in the top 10 lead companies ranked in the top 10% for performance. Larry Ellison is the highest paid CEO in the U.S., but Oracle ranks as No. 152 in performance. Similarly, Disney CEO Robert Iger is the sixth highest paid, but the company's performance ranks at No. 165.</p>
<p>Total direct compensation consists of salary, annual incentives, stock option grants, restricted stock grants, and performance awards. Most of those in the top 10 made their money from stock options and cash.</p>
<p>Here are the top 20 <a href="http://online.wsj.com/articles/ceo-pay-rises-moderately-a-few-reap-huge-rewards-1401235102?mod=WSJ_hp_RightTopStories&amp;cb=logged0.8643125495873392" target="_blank">highest paid CEOs</a>:</p>
<h3>1. Lawrence J. Ellison, Oracle</h3>
<p>2013 Compensation: $76.9M / One-Year Change: -18.7%</p>
<h3>2. Leslie Moonves, CBS</h3>
<p>2013 Compensation: $65.4M / One-Year Change: 11.1%</p>
<h3>3. Michael T. Fries, Liberty Global</h3>
<p>2013 Compensation: $45.4M / One-Year Change: 248.2%</p>
<h3>4. Richard C. Adkerson, Freeport-McMoRan Copper &amp; Gold</h3>
<p>2013 Compensation: $38.9M / One-Year Change: 125.1%</p>
<h3>5. Philippe P. Dauman, Viacom</h3>
<p>2013 Compensation: $36.8M / One-Year Change: 11.0%</p>
<h3>6. Robert A. Iger, Disney</h3>
<p>2013 Compensation: $33.4M / One-Year Change: -8.1%</p>
<h3>7. Jeffrey L. Bewkes, Time Warner</h3>
<p>2013 Compensation: 32.4% / One-Year Change: 26.9%</p>
<h3>8. Mark T. Bertolini, Aetna</h3>
<p>2013 Compensation: $31.2M / One-Year Change: 174.9%</p>
<h3>9. Fabrizio Freda, Estee Lauder</h3>
<p>2013 Compensation: $30.9M / One-Year Change: 140.1%</p>
<h3>10. Jeffrey R. Immelt, General Electric</h3>
<p>2013 Compensation: $28.2M / One-Year Change: 262.1%</p>
<h3>11. Lloyd C. Blankfein, Goldman Sachs</h3>
<p>2013 Compensation: $28.0M / One-Year Change: 16.7%</p>
<h3>12. Rex W. Tillerson, ExxonMobil</h3>
<p>2013 Compensation: $27.6M / One-Year Change: 3.2%</p>
<h3>13. Rupert K. Murdoch, 21st Century Fox</h3>
<p>2013 Compensation: $25.8M / One-Year Change: 16.9%</p>
<h3>14. David N. Farr, Emerson Electric</h3>
<p>2013 Compensation: $24.9M / One-Year Change: 284.5%</p>
<h3>15. Kenneth I. Chenault, American Express</h3>
<p>2013 Compensation: $24.4M / One-Year Change: 10.9%</p>
<h3>16. Laurence D. Fink, BlackRock</h3>
<p>2013 Compensation: $24.0M / One-Year Change: 11.6%</p>
<h3>17. Charles W. Scharf, Visa</h3>
<p>2013 Compensation: $23.4M / One-Year Change: N/A</p>
<h3>18. Brian L. Roberts, Comcast</h3>
<p>2013 Compensation: $22.6M / One-Year Change: 5.7%</p>
<h3>19. Alan Mullaly, Ford Motor</h3>
<p>2013 Compensation: $22.5M / One-Year Change: 11.2%</p>
<h3>20. Trevor Fetter, Tenet Healthcare</h3>
<p>2013 Compensation: $22.4M / One-Year Change: 146.4%</p>
<p>Among the lowest-paid CEOs are company founders John Mackey of Whole Foods Market, Richard Kinder of Kinder Morgan Inc., and Larry Page of Google, who each earned "effectively nothing."</p>
<p>See the Wall Street Journal's <a href="http://online.wsj.com/articles/ceo-pay-rises-moderately-a-few-reap-huge-rewards-1401235102?mod=WSJ_hp_RightTopStories&amp;cb=logged0.8643125495873392">full report here</a>.</p>

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